Reference no: EM1311348
1. The advent of the one man bus involved more capital equipment: an automatically operated coin box and door control device - to name two of the capital goods that replaced the conductor."
(a) Is this a case of capital replacing labor? Where?
(b) Is this a case of labor replacing labor? Where?
2. Evaluate the following statement:
(a) Taiwanese labor is far less productive than American labor as evidenced by the fact it takes so much of it to get things done e.g., it may take three or four Taiwanese to do a job done by one American;
(b) American agricultural land is less fertile than Taiwan land as evidenced by the lower yield per acre in the U.S. Separately evaluate both statements.
3. Assume that you are a member of a minority group in some country and have reason to doubt that your property rights would be enforced and respected in the community.
(a) What forms of capital would you invest in?
(b) What kinds of skills would you encourage for your children?
(c) Do you know of any evidence of such actual behavior by minority groups?
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